NAIFA and NAIFA-Nevada Seek Changes to State Fiduciary Rule Proposal

NAIFA and the NAIFA state chapter in Nevada jointly submitted a comment letter to Nevada Deputy Secretary of State for Securities Diana Foley commenting on the state’s draft regulations that would require financial professional to operate under a fiduciary duty. NAIFA and NAIFA-Nevada wrote that a “likely result of the adoption of the strict fiduciary duty found in the Draft Regulations—along with the responsibilities and increased operating costs that would accompany such a duty—would be that many financial professionals would no longer serve clients with modest or moderate means.”
 
“The unintended consequences of the proposed fiduciary duty regulation would be reduced access to the products, advice and services which Nevadans rely upon for financial security and adequate retirement savings,” the letter states.
 
NAIFA and NAIFA-Nevada ask the state regulator to delete the section of the draft that would restrict the use of the terms “advisor” and “adviser” by broker-dealers and their registered representatives. They also request that the draft regulation be changed to clarify which financial professionals are excluded from the regulation under law.

NAIFA also signed onto a letter from a coalition of industry partners commenting on the Nevada proposal.
  • Posted March 4, 2019 IN


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